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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Sept. 3, 1996)
Page jtember ion Aggielife Page 5 Tuesday • September 3, 1996 ortive when e first telethoi ■tit on, pal,' d this organi o we commet ntributionto lar dystrophy need that l&M students given too much credit ac lime w in at the in Youngsid boyhood k nd i protesters h lethon, argi don’t got J. lid more than Mil to researci Is.’ ippears ivorce iermany (AP has hardly h ? his divorcetr ist week with Phi zed Aug. 28 the prince already two p appearanct His came Mi in Po where he an architect institute bears his Char Prince of to sk force Swim ;e boat :ke Bridge, the exchanges du floai: By John LeBas The Battalion wipe the card, sign at the "X,” and get food, clothes, gas, books, or cash. Swipe the card, sign at the “X,” and get bur ied with fees, interest charges, income- ining minimum payments, and long-term ncial woes. Yedit cards can be a college student’s best or worst enemy. Used responsibly, a stu- tmay easily purchase daily necessities while Iding solid credit. Irresponsible charges, rever, can suck a student into a seemingly icapable cycle of debt. dost college students can easily obtain cred- ards; several companies offer "student ” Especially at the beginning of fall semes- credit card company representatives can bund throughout campus with applications I free T-shirts for students who wish to apply, ennifer Madden, a senior elementary edu- on major, said students should be wary of micks and special offers as incentives to ily for credit cards. She said she recently nd herself with several open accounts and icredit limits and is now working to reduce risk of financial disaster, dadden said she opened her first credit card account when she sophomore. Her credit limit on the card was originally $500, but since she established a solid credit history through timely balance payments, her credit card company periodically raised this limit to $6,000. Madden realized her job did not pay enough to justify such a high credit limit, and she decided to get herself out of possible financial trouble. "I called them, and to keep me from cancel ing it, they offered me a 12.9 percent interest rate and lowered my limit to $2,500,” she said. “It seemed like they kept [raising my limit] because they wanted me to keep spending more,” she said. Madden said she falsely assumed she was qualified to handle a high credit limit. “It makes you think that if they’re offering it to you, you have what it takes to pay them,” she said. “But if you’re in college, there is no way you’re going to be able to pay it off.” An account manager with a major credit card company said the biggest trouble college stu dents get into involves not being able to pay their account balance However, Jim Harrell, a representative for Consumer Credit Counseling Service(CCCS), said he disagrees with this assessment of stu dent credit card use. “We usually don’t hear about it, because the parents end up paying it off,” he said. Harrell said the most important thing stu dents must consider when using credit cards is responsibility. He said students should avoid using a credit card for income or impulse purchases. “Most people don’t have a goal, and you’ve got to have that,” he said. “Always have a plan — make a budget and stick to it.” Brett Tohlen, a senior biochemistry major, said he uses his credit card when he knows he has the to cash to pay for his purchases when the bill arrives. He got his card to establish credit and disciplines himself to spend within his budget. “I don’t like knowing I owe someone money — I’d rather be debt free,” he said. “It’s good to have as long as you don’t get carried away.” Harrell said credit card users should not charge more than they can pay off in 90 days. He also said students should remember that monthly minimum payments often cover little more than monthly interest charges. “Always try to make more than the minimum payment,” he said. “If you can pay even five or 10 dollars more than that, you’ll be paying less interest and get the balance paid off quicker.” Madden said minimum pay ments can quickly add up for people with AGGIELAND SOCCER LEAGUE With over 36 teams in 2 divisions in 8 cities. If you have a team, a part of a team, or you are just looking for a team, please call for more information at 696-1974. The meeting for new players and teams is this Thursday, Sept. 5 at 8:00 PM at ENPH Room 217. AFFORDABLE CHIROPRACTIC . No Insurance? No Problem? The best care is affordable! Free exam. $18.95/treatment Dr. David L. Reichel 822-6419 “The most important thing is to use credit cards responsibly.” Jim Harrell CCCS representative several accounts. “I know people who spend every paycheck just paying the minimum payments on all their cards,” she said. Madden and Harrell suggest that students keep a maximum of only one or two major cred it cards, or none at ail. “Everybody usually has to have a card, but if you can go on a cash basis, you’re much better off,” Harrell said. Harrell said students who do find themselves laden with credit card debt should stop using their cards immediately and cut them up or send them back to the creditors. The next step in managing debt, he said, is to contact a free service such as CCCS for budget and debt counseling and the appro priate creditors. He said creditors may be willing to reduce interest rates or work out a payment plan with those in debt. Harrell said debt may counter a student’s intention to build solid credit. Delinquent pay ments remain in one’s credit bureau for seven years, he said, and may haunt graduates trying to get mortgages or car loans. “The most important thing is to use credit cards responsibly,” he said. TmiNDERfiMPSuns FRE5H, FAVT, & HEALTHY $2.69 Meal Deal Today's Special 6" Sub Chips & Drink AlbertsoiTs next to The Cork 2205 Longmire 693-6494 Randall's Center next to Marco's 607 E. University 691-2276 QUARTERMAN’S ROD’S BOLTS $16.® SET BOOTS $16.® SET LOW QUARTERS $12.® PLUS MANY MORE ITEMS OF INTEREST CALL ANTHONY AT 847-3886 TO ORDER NOW!! Wilton's Office Works 712 Villa Maria*Bryan LOWEST PRICES EVERYDAY ON NEW & USED OFFICE FURNITURE Bring in ad for extra 15% off of already low used furniture prices 409-775-2113 t once served irters for the )olice, the hei: ne reviewed ding and pres jtsdam. 1 ; comet Sm. Sd| 20% OFF TUNEUPS 817 Texas Ave. SAVE ON U-LOCKS * HELMETS* MORE College Station, Tx. 696-6551 OPEN 9 AM " 7 PM M ' SAT - 12 - 5 SUN - vrsA Don't run this light. 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